SBP foreign reserves rise $38mn to $13.16bn

KARACHI: The State Bank of Pakistan (SBP) will issue a monetary policy on March 19, ARY News reported on Tuesday.

According to a press release issued by the External Relations Department of the SBP, the Monetary Policy Committee of the central bank will meet on Friday in Karachi to decide about the monetary policy.

The SBP will issue the monetary policy statement through a press release on the same day. At present, the interest rate is at seven percent.

Earlier, the State Bank of Pakistan (SBP) had ruled out any extension in concessionary financing schemes announced last year to support businesses and individuals amid the Covid-sparked lockdown.

Read more: SBP foreign reserves rise $38mn to $13.16bn

The SBP said it has no plans to extend the period of pandemic-related reliefs once they expire.

“SBP measures that were introduced during Covid have achieved their desired objectives of providing appropriate support to the economy during the Covid crisis,” the SBP’s spokesperson had said.

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